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NIFTY SHOW- RESISTANCE TESTED

Nifty closed in green with gains of 40 points,the overall market breadth being positive with 1019 advances to 505 declines.The nifty  gap up opening following with substantial gains,later nifty faced a resistance on the upper side at around 5378 levels,where it tested the resistance of the upper boundary of the falling wedge.Currently it is trading above the 20 and 40 DMA levels .Since market has tested the resistance it is expected to trade lower continuing the range bound move
                                                                                                                                                 Presently the fundamentals doesn't have enough ingredients to trend the markets strongly in any direction.Hence any random move in nifty in either direction without a valid justification would be aptly called as false move.As of now nifty is trading within the boundaries of the falling wedge with due respect.On daily charts nifty has sustained the 200 DMA levels which holds the key ,since its violation will open up bearish alternatives.
                                                   On the daily charts MACD is about to give a postive crossover but is still below the zero line peaking indecisiveness.While the oscillator, stochastic  indicator has approached the overbought zone.If nifty reverts from here experiencing a resistance then a negative crossover will be followed on the indicator resuming downward movement toward the support.The momentum indicator RSI is trading just above the 50 levels mark indicating mildly bullish character.
                    Hence i still maintain my view of cashing on intraday volatile movement rather than taking positional call in such uncertain environment.As we experience a valid breakout in either direction a suitable call will be suggested accordingly

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